Reliance - (Wave Analysis) Catching The Tops @ 2375 - What Next?

AbhishekHSinghCMT Updated   
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As per last idea published @ 10th Sep2020 - Reliance was suggested that it could top out above 2300 or the wave after triangle shall be the last wave upside.

16th Sep2020 - Reliance topped at 2375


What Next?
  • Impulsive move from the tops @2375 Highs
    Stock made low @ 1990
    Strong Support Zone- 1990-2000
    Shall look for bounce back & relief rally
    Stock crossing above 2030 can move to 2060 / strictly above 2060 for 2095 or buy as close as possible to 2000 level. No buying if stock falls below 2000- next key level where stock can have trouble

    Don't Miss The Last Few Ideas
    Last Reliance Idea @ 10th Sep2020

    Quick Follow up done for Reliance in last video idea of Auropharma

Trade active:
10:05 Hrs / 30th Oct2020

Last Price- 2042

Need to book partial target at 2045 as looks tough in present scenario so book whatever profit you get as Intraday trader. Thanks
Trade active:
10:26 Hrs / 30th Oct2020

Last Price- 2038

Fall started - so I suggested book partial profits close to 2045 in last update above

Stock in middle of choppy move. Most likely has negative bias & downside objective if it fails to cross 2050 day high so far.

Upside is limited which was 2060 - so, I even suggested - any further buy strictly should be above 2060 levels

It might spend whole day in range move between 2000 to 2050 - later has strong possibility for puke to 1975 levels downside/ below 1975 for 1900 levels

Upside limited & can be seen only if crosses above 2050 -key level
Trade active:
14:01 Hrs / 30th Oct2020

Last Price - 2035

Reliance gave 2nd chance of selling right at the top @ 2050 highs - did you sell at day high ?
Trade active:
11:43 Hrs / 31st Oct2020

Last Close- 2054

2050 -2060 is a no trade zone & you should be careful as failing to hold the levels of 2060 on Monday session - 2nd Nov2020

Stock has great chances of falling to 1990-2000 support zone & falling below can slip to 1975 & close by levels to have next support
Trade closed: target reached:
18:02 Hrs / 2nd Nov2020

Suggested on 31st Oct2020 in last update above - "Trader's have to be careful as failing to hold the levels of 2060 on Monday session - 2nd Nov2020 "- Stock has great chances of falling

What happened - Heavyweight RIL slipped to the target zone 1990-2000 & going below 1990 - it was a crazy fall

Why it happened ?

2060 to 1859

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

YouTube Channel https://www.youtube.com/channel/UCYcnYveYBNLD-Qp54hvZogw

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